World set to install 593 GW of new solar in 2024 - Ember
Sep 19, 2024 13:28 CESTBritish oil and gas giant BP Plc (LON:BP) has agreed to buy the 50.03% stake it does not already own in UK-based global solar developer Lightsource bp.
BP first took a stake in the solar specialist in 2017 and says taking full ownership is a natural evolution of the partnership. According to the announcement today, owning Lightsource bp entirely will allow BP to further scale up the business and create more value by applying BP’s finance and trading capabilities in full. At the same time, BP plans to use Lightsource bp’s capabilities to help meet its own growing demand for low-carbon power from its transition growth engines in hydrogen, electric vehicle (EV) charging and biofuels as well as in power trading.
BP will acquire the 50.03% interest from Lightsource bp’ founders, management and staff at a base equity value of GBP 254 million (USD 322m/EUR 294m). Further payments could be made over time, dependent on company performance and the market value of pre-agreed divestments. The deal is expected to close in the middle of 2024.
BP said it will continue to target double digit equity returns from the business. The oil major explained that Lightsource bp operates a proven capital-light model, creating value through selling majority stakes in assets it has developed to strategic partners.
BP further said that in time it may consider bringing a strategic partner into the business to unlock further value.
Over the past six years, Lightsource bp has expanded its footprint from three to 19 countries, built a 61-GW development pipeline and increased its staff to over 1,200.
(GBP 1 = USD 1.270/EUR 1.156)
World set to install 593 GW of new solar in 2024 - Ember
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